Wednesday, 18 June 2014
How has the Eastwood rental market changed?
It might surprise some readers that the average rent, that tenants have had to pay for a rental property in Eastwood, are on average, 4% lower than they were in 2008. Average rents in Eastwood in 2008 were £524 per month but now they stand at £500 per month. That doesn’t tell the whole story though.
Interestingly, nationally and regionally, rents dropped by around 10% to 15% a year later by 2009, depending where you lived. However, the Amber Valley, Broxtowe and Erewash bucked that trend, with rents in Eastwood only dropping by 5% to £498 per month. They did drop another 2% in 2010, taking the average down to £490 per month.
However, 2011, saw a slight rise, with the average going up to £495 per month with a similar rise in 2012 to £498 per month. This is all still despite the squeeze on Eastwood wages. Demand has remained good, mainly in part to the demand of tenants from Derby, Chesterfield and Nottingham who are happy to commute. There are still plenty of tenants willing to pay for well maintained properties in great locations.
As we go into the Summer of 2014, average rents in Eastwood stand at £500pm. From a landlord perspective, the steady rise in rents is good news, as are steady rising property prices. Interestingly, property values in Eastwood have seen a rise of over 5.2% in the last 12 months.
If you are thinking of buying your first (or second) buy to let property and want to pick my brain on what (and what doesn’t) make a good investment and, as I don’t sell property, I can look at the whole of the market and give you my honest opinion.
Feel free to email me on email@example.com or ring me on 01332 910499
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